Cigna posts lower net profit on run-off reinsurance charge

MikeMaynard

WASHINGTON (MarketWatch) -- Cigna Corp.
CI, -1.70%
reported second-quarter net income of $198 million, or 68 cents a share, down from $273 million, or 78 cents, earned in same period last year. Net income for the latest quarter included a special charge of 19 cents a share, related to Cigna's run-off reinsurance business. On an adjusted basis, the Philadelphia-based insurer had income from operations of 96 cents a share for the latest quarter, up from the prior year's 77 cents. Cigna also said revenue reached $4.4 billion, up from $4.1 billion. Analysts, on average, had been looking for Cigna to post earnings of 88 cents a share on revenue of $4.41 billion, based on estimates compiled by Thomson Financial. The results reflected what the company called "strong" performance from its health-care, disability and life, and international businesses. Shares of Cigna lost 61 cents, or 1.2%, to end Tuesday's trading at $51.64.

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